You can only have one range at a time - nothing to stop you doing it more than once though.

If the option is greyed out, then you probably haven't selected a range...

Basically I am still trying to mark many peices of clip for later reviewing.

The real answer wouid be to color code selections or even just code selections.

Normally it would be a file you'd be making selections from, not a clip. A clip in Audition is, almost by definition, a selection made from a file, that you can use in Multitrack view.

The best way to do what you are trying to do is to work in Waveform view, and use markers. If you open your file, you can highlight sections from it, hit F8 and create marker ranges, which you can label as you like. Once you've created marker ranges you can get to the neat bit - which is to highlight a range in the marker list, right-click on it, and then you get the option to insert just this selection into a multitrack session. At that point, in the session, it becomes a clip, and it retains its label.

Everything else you need to do is down to right-clicking on the mouse. The reason that I'm mentioning it again is because this is the clue to a lot of fast functionality all over Audition. What it comes down to is that with any given place you are in it, the chances are that if there's something you'd really like or need to do there, there will be an instant right-click option for it.

This is one of the reasons that for a long time, it wouldn't ever have been possible to run Audition sensibly on Macs - they didn't have the additional RH mouse button, so a lot of that functionality would have been much harder to get at.